Is the healthcare sector really cheaper than consumer staples?

Superficially, the healthcare sector in Europe looks attractively valued relative to consumer staples, but on a cashflow basis the relative valuation argument disappears. This may reflect more aggressive earnings adjustments in European healthcare.

In the US though, the valuation gap between healthcare and consumer staples does look more real and… Read the article

Safe as houses?

Having been in the doldrums since the financial crisis, there are now tentative signs that the European residential construction sector is on the mend. We’re seeing encouraging data coming through and from our analysis and our discussions with companies, we’re increasingly confident that the earnings growth potential in the sector… Read the article

Retailers on the margin

Consumers are a demanding bunch. They want more choice, convenience and above all, a great customer experience. Yet they don’t want to pay more for the privilege! Satisfying the modern customer poses considerable challenges to today’s retailers. Can anyone but the consumer prosper in this environment?

Strong house price growth,… Read the article